Saxonburg, PA--Following its recent acquisition of Oclaro's (Nasdaq: OCLR) laser diode business, engineered materials and optoelectronic components manufacturer II-VI Incorporated has completed the previously announced acquisition of the fiber amplifier and micro-optics business (the "Business") of Oclaro in a transaction valued at $88.6 million.
At closing, II-VI paid $79.6 million in cash to Oclaro, $4 million of cash is subject to hold back until December 31, 2014, and the remaining $5 million was previously paid to Oclaro on September 12, 2013 as an option to purchase the Business. II-VI and Oclaro have entered into certain transition service and manufacturing service agreements to allow the Business to continue operations during the ownership transition. The Business will be included in the Company's Active Optical Products segment for financial reporting purposes.
II-VI Incorporated is a vertically integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, optical communications, military and aerospace, high-power electronics, semiconductor laser and thermoelectronics applications. Headquartered in Saxonburg, PA with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.